Odette is No 25 on World's 50 Best Restaurants list; top spot goes to Maido in Peru
THREE-Michelin-starred Odette continues to be Singapore's only entrant in The World's 50 Best Restaurants 2025 list, despite slipping one rung to 25th position. Announced in a star-studded ceremony in Turin, Italy on Jun 19, the annual ranking of top restaurants around the world saw Odette joining Asian counterparts such as Gaggan (Bangkok), Wing (Hong Kong) and Potong (Bangkok).
Taking the top spot this year was Maido from Lima, a Peruvian-Japanese restaurant run by Mitsuhara Tsumura, which jumped from No 5 last year. Following it was Asador Etxebarri at No 2, unchanged from 2024. Mexico's Quintonil, Madrid's Diverxo and Copenhagen's Alchemist rounded out the top five spots.
Bangkok was the top performing city, beating the likes of Tokyo and Paris with six restaurants in the list. Gaggan clocked in at No 6, up from No 9 the previous year, followed by Potong (13), Sorn (17), Suhring (22), Le Du (30), and Nusara (35). All were promoted from their positions last year, with Potong named Highest New Entry after jumping from No 57 place in 2024. Gaggan was also crowned No 1 in the Asia's 50 Best Restaurants ranking in March this year in Seoul.
Seoul had only one representative in Mingles, the three-Michelin-starred restaurant helmed by veteran chef Kang Mingoo. Taking the No 29 spot, it rose from No 44. In Tokyo, Sezanne rose to No 7 followed by Narisawa at No 21 and Florilege at No 36. Osaka's La Cime stood at No 44.
From Hong Kong, Wing took No 11 spot and The Chairman at No 19, with both rising several rungs from last year.
Julien Royer, chef-owner of Odette which celebrates its 10th anniversary this year, said: 'It is an honour to once again be recognised amongst some of the finest restaurants around the world.'
He added: 'Regardless of the placing, the entire team at Odette is immensely proud of what they've accomplished over the years. Representing Singapore on the world's culinary stage is, and has always been, an absolute honour for everyone.'
Despite Odette being the sole Singapore restaurant in the Best 50 list, the country also had a presence in the 51-100 ranking which was announced earlier in June. One Michelin-starred Burnt Ends was at No 93, having slipped from No.68 in 2024. Fellow one-starred Labyrinth also managed to stay on the list at No 97, down from No 92.
The World's 50 Best Restaurants List is produced by UK media company William Reed, and has been a mainstay of the international restaurant industry since 2002. The rankings are decided in a voting process involving 1,120 industry professionals including restaurant owners and food journalists from around the world.
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New Paper
6 hours ago
- New Paper
NUS retains 8th spot, NTU climbs to 12th in latest global university rankings
The National University of Singapore (NUS) has retained its spot in the top 10 in a global ranking of institutions, with Nanyang Technological University (NTU) hot on its heels. NUS kept its eighth place in the latest Britain-based Quacquarelli Symonds (QS) World University Rankings 2026, released on June 19, while NTU rose three places to 12th, building on its 11-position jump the year before. This year's ranking, the 22nd edition, covers 1,500 universities across 106 countries and territories. NUS stood out as the highest-ranked Asian university, having been the first in Asia to break into the global top 10. The leaderboard was dominated by universities from the US and Britain, with the Massachusetts Institute of Technology in first place for the 14th consecutive year, followed by Imperial College London retaining second place. Stanford University climbed three positions to take third place, while the University of Oxford and Harvard University both dropped one place to rank fourth and fifth respectively. The QS rankings are based on nine indicators: academic reputation, employer reputation, faculty-student ratio, citations per faculty, international faculty ratio, international student ratio, international research network, employment outcomes and sustainability. The three highest-weighted indicators in the QS rankings are academic reputation, citations per faculty and employer reputation, with weightages of 30 per cent, 20 per cent and 15 per cent respectively. Academic reputation refers to perceptions of a university's excellence by academic experts, while the employer reputation indicator measures employers' regard for the university. NUS ranked 14th globally for academic reputation, 32nd for employer reputation, and 64th for citations per faculty. It rose one spot for academic reputation and 16 spots for employer reputation, but dropped three places for citations, compared with the previous QS rankings. NUS president Tan Eng Chye said the university's ranking affirms its unwavering commitment to excellence, and reflects the strength of its forward-looking approach to education, research and innovation. "We are particularly heartened to be ranked amongst the best in Asia for academic reputation, and to have made notable advances in employer reputation and international research partnerships," he said. These improvements signal growing confidence in NUS graduates and the expanding impact of its global research network, added Professor Tan. NTU climbed three places to 12th, after its re-entry into the top 20 in the previous edition of the rankings. This was driven largely by an improved score in employer reputation, where it moved from 92nd place to 67th, and in its international student ratio. "NTU's strong showing in this year's QS rankings reflects its constant efforts to reimagine itself amidst a rapidly changing world," said NTU president Ho Teck Hua. He cited recent initiatives such as the launch of the College of Computing and Data Science and the Honours College, which prepare students to better harness technology. Professor Ho added that NTU continues to grow its global academic talent by recruiting promising early-career researchers and drawing leading scholars from around the world. Singapore Management University (SMU) climbed 74 places in the 2026 QS rankings to 511th, up from 585th in the 2025 edition. Meanwhile, the Singapore University of Technology and Design (SUTD) fell 79 places, dropping from 440th to 519th. All four local universities included in the rankings - NUS, NTU, SMU and SUTD - saw their scores remain the same or drop in four indicators: faculty-student ratio, citations per faculty, employment outcomes and sustainability. QS senior vice-president Ben Sowter said Singapore has firmly established itself as a global higher education powerhouse, and that its universities' rankings are a reflection of its exceptional research output and globally collaborative ethos. The city-state's success is driven by a focus on skills development, innovation and adapting to workforce needs, he added. "By broadening access to lifelong learning, strengthening partnerships and enhancing graduate support, Singapore is not only boosting graduate employability, but also advancing its ambition to lead the world in future-ready, skills-first higher education," he said.
Straits Times
a day ago
- Straits Times
The 2025 F&B roller coaster – so far, so dizzying
Wala Wala Cafe Bar might end its 32-year run at Holland Village before its lease runs out at the end of 2025 PHOTO: WALA WALA SINGAPORE – Restaurant chains you thought were bulletproof have had to shut down outlets. Your Instagram feed is populated with posts from restaurants saying goodbye. Even that food kiosk in the mall, the one which attracted long queues when it opened, has vanished. If 2024 was a bad year for restaurants, 2025 is shaping up to be no better, judging by what has been happening since the year began . Popular Chinese hotpot chain Haidilao closed three heartland outlets recently. Leading restaurant groups like TungLok, with over 20 restaurants in Singapore; and Japan Foods Holding, with more than 70 restaurants under brands such as Ajisen Ramen , Extra Virgin Pizza and Tokyo Shokudo, are in the red for financial year 2025. Casualties have included Crystal Jade La Mian Xiao Long Bao's 20-year-old outlet in Holland Village, which shutters on June 30; modern European restaurants Imbue in Keong Saik Road and one-Michelin-starred Poise in Teck Lim Road; and steakhouse Wild Blaze in Tras Street. Crystal Jade La Mian Xiao Long Bao at Holland Village (left) and steak house Wild Blaze in Tras Street. PHOTOS: CRYSTAL JADE GROUP, WILD BLAZE Holland Village nightspot Wala Wala Cafe Bar may close after 32 years, before its lease is up in end-2025. Chains such as Eggslut, Manhattan Fish Market and Burger & Lobster have also packed up in Singapore. Japanese restaurants and chains, ever-so-popular with diners, have also taken a battering. Ramen chain Kanada-Ya, with three outlets, has exited Singapore. Konjiki Hototogisu closed three of its six outlets. Hokkaido Ramen Santouka called it quits after 17 years here. Souffle pancake chain Fluff Stack, with five outlets, is gone too. Even food kiosks located in areas with high footfall have been felled. Har Har Chicken, which sells prawn paste chicken, closed its three outlets barely a year after its debut. Pain points In 2024, the number of food businesses that went belly up – 3,047 – was an almost 20-year high. It was surpassed only in 2005, which saw 3,352 closures. Still, more than 3,790 new food businesses started up in 2024, according to the Accounting and Corporate Regulatory Authority (Acra). The numbers for 2025, which run until May, seem to indicate things are better. In those five months, 1,642 new food businesses started up, compared with 1,568 in the same period in 2024. Closures in 2025 have so far totalled 913, compared with 1,348 as at end-May 2024. In January 2025, the number of closures amounted to all of three, but this figure jumped to 612 in February. On its website, Acra said the low January figure came about because it had suspended its periodic exercise to remove dormant companies and business entities that had failed to renew registrations. This practice resumed in February. It added that fluctuations in the numbers from March to May are due to the migration to a new system. The numbers are expected to 'normalise' from September, said Acra. Official statistics aside, restaurant owners and chefs who would give figures say takings are down 10 to 30 per cent from 2024 . They cite the usual reasons for the state of play : high operating costs, including rent and utilities; and a lack of manpower, skilled or otherwise. Chef Louis Han, 35, who runs one-Michelin-starred Nae:um in Telok Ayer and Korean grill restaurant Gu:um in Keong Saik Road, laments the dearth of manpower and young talent he can groom. 'We hope hospitality and culinary talent who are still studying or in their first few years of work can build a bit more hardiness to face the F&B industry's idiosyncratic challenges,' he says. 'It's easy to find reasons to give up a career in F&B, but with a bit of patience and time, they can also see the achievements and growth.' Another restaurateur, Ms Karen Cheng, 49, co-owner of The Gyu Bar, Ichigo Ichie and Mare Hachikyo Singapore, says no-shows – diners who make reservations but do not show up – are a problem. 'In some cases, we see up to 30 per cent of diners not turning up, which greatly impacts us – not just financially, but operationally as well. We hope diners understand this is a particularly demanding period for the industry. There are many behind-the-scenes pressures that may not always be visible.' For chef Dylan Ong, 38, who owns The Masses and Choon Hoy Parlor, both at Capitol Singapore, the bugbears are high operating costs, the manpower crunch and competition from overseas brands coming to Singapore. Indeed, competition comes not just from overseas brands. F&B chat groups are rife with complaints about private dining businesses. Operators turn their homes into mini restaurants and cafes, with some charging as much as, if not more than, restaurants. And yet, they do not have to contend with high rents, strict scrutiny from regulatory bodies and other obligations registered businesses have to deal with. The wanderlusting Singaporean is not helping either, with the strong Singapore dollar prompting people to spend overseas. Ms Bing Blokbergen-Leow, 51, who runs GastroSense, a brand and communications consultancy with mainly F&B and hospitality clients, says: 'People dining out often don't see value, which has been a problem in our industry for a long time. When overseas, a simple piece of cake or a cup of coffee feels more worthwhile, partly because they may be cheaper. 'But here, those same items don't seem to carry the same value, and consumers are hesitant to spend the money to enjoy them. In other markets, restaurants with accolades are doing well. Cities like Bangkok, for example, offer a more vibrant scene at lower prices, reinforcing the perception that Singapore lacks the same value.' Global tensions – including uncertainties over trade and pending tariffs, the ongoing Russia-Ukraine war and Israel-Iran conflict – have made people cautious about spending. Mr Daniel Sia, 49, managing partner of The Coconut Club in Beach Road and culinary director of The Lo & Behold Group, says: 'We observe diners are more price-sensitive due to global uncertainties and the rising cost of living. Consumers are cutting back on their expenses and looking for more affordable options to stretch their dining dollar.' It starts here First to smell trouble are the companies that supply restaurants with ingredients, crockery and cutlery, dishwashing detergent and publicity. Mr Bryan Lian, 36, runs Shiki, a supplier of high-end seafood, meat and other ingredients to about 200 restaurants here. He says the trajectory goes like this: A restaurant starts by ordering less, 70 per cent of what it used to order, then slides down to 50 per cent and lower. Then it switches from line-caught Japanese fish to net-caught and then farmed fish; from chilled beef to frozen. 'It starts here,' he says, adding that the slide in orders, for his company, began in 2024. For Jewel Coffee, which supplies coffee beans, oat milk and other drink products to cafes, restaurants and companies, the slide started in the second half of 2022. Proprietor Adrian Khong, 56, says t hat year began well. Singapore was opening up after pandemic restrictions were lifted, and revenge spending was in full swing. Cafes ordere d coffee beans twice a month. By the end of 2022, it was once a month, then it slid down to once every five weeks. Now, he says, cafes might order beans only once every two months. Ms Gwen Lim, 51, whose B.A.O. (Bakery Artisan Original) supplies bread, pastries and cakes to chain cafes, restaurants and hotels, has seen orders decrease since the start of 2024. 'Clients are asking for better pricing,' she says. 'But we're really not able to, because we have to pay for skilled bakers. So eventually, they go to another supplier, even if the items are of lower quality.' Bad debts, rarer in the days before Covid-19, are more common now, suppliers say. About 5 per cent of his clients defaulted on paying in 2024, says Jewel Coffee's Mr Khong. These included a grocery chain his company supplied oat milk to . He threatened to take it to the Small Claims Tribunals, which hears cases for claims up to $30,000, and the business paid up. Mr Khong lost a five-figure sum to an e-commerce platform being investigated for not paying vendors. Shiki's Mr Lian says he has stopped giving credit to new restaurants getting ingredients from him. It is now cash on delivery, and he does research on a restaurant and its chef before agreeing to supply them. Before, a restaurant might get three to four months' worth of credit. 'So, let's say they roll with us for three to four months,' Mr Lian says. 'Then when they are unable to repay, or when we stop supplying them, they go to another supplier. They get credit from the new supplier, and then they pay us what they owe for one month. This has become prevalent. Before Covid-19, it wasn't a problem.' He says that in 2024, default payments amounted to a low six-figure sum. 'If one or two more restaurants had defaulted, it would have been a very big problem for us.' Aside from Small Claims Tribunals, creditors have also been known to go to the High Court. In June 2025, poultry supplier Toh Thye San Farm applied to the High Court to wind up The Banana Leaf Apolo. The application is scheduled to be heard in court in July, but the chain, started in 1974 with outlets in Race Course Road, Sixth Avenue and Little India Arcade, continues to operate. Mr Lian says there are also debt collection companies which will send someone to sit outside a restaurant until people pay up. Depending on how much is to be collected and how difficult it is to extract the money, the company gets a 20 to 50 per cent cut. Sometimes, the owner or chef simply vanishes, he says, adding that a Japanese chef running a restaurant in the Central Business District (CBD) left Singapore and a trail of debts behind him. Mr Alvin Gho and Mr Ian Lim, who run Raw Wine, which supplies hotels and restaurants, say they are hit on both sides. They also run Wine RVLT, a gastro wine bar in Carpenter Street. Wine RVLT and Raw Wine co-founders Alvin Gho (left) and Ian Lim are closing RVLT after eight years because the business had become unsustainable. As wine suppliers, they have also been hit by fewer orders and clients who do not pay on time. PHOTO: RVLT They have seen orders decrease across the board, and even luxury hotels are ordering less, and less expensive bottles, they add. 'They're all dragging with payment,' says Mr Gho, 44. 'Some go four to six months in being late. You find yourself having to chase for payme nt all the time. Sometimes, there are three or four invoices outstanding, and they pay one. Then you push again, and they pay one more.' He says this means he has to delay payments to the wineries whose wares he carries, but the company is reluctant to take away the credit it gives its clients. Mr Lim, 41, says: 'We work with a lot of the smaller guys. These are relationships we've built over the years. So we try to be flexible when we can. We understand their situation.' That is because both of them are living it. They are shutting Wine RVLT on July 12 after eight years. They did not renegotiate a new lease with the landlord, since operating costs have made the business unsustainable. What restaurant owners are wanting from their branding consultants has changed too. Ms Blokbergen-Leow says: 'The focus has shifted from long-term strategic planning and brand building to raising immediate awareness and media engagement.' In the high-stakes world of F&B in Singapore, a new restaurant needs to generate immediate buzz – in the media and on social media – to get bums on seats. She adds: 'The priority is to ensure media come through to experience the concept first-hand, and then share that experience on their platforms.' Reading the diner The word 'experiential' comes up a lot in conversations with restaurant owners and chefs. So does 'value'. Diners want well-priced whiz-bang. Bae's Cocktail Club in Tanjong Pagar has been hopping since it opened in July 2024. Named after a common Korean surname and slang for girlfriend, it opens until late, features craft cocktails, easy-to-eat food, a DJ, private and semi-private rooms, and high energy. Bae's Cocktail Club in Tanjong Pagar has been hopping since it opened in July 2024. PHOTO: THE PROPER CONCEPTS COLLECTIVE Cocktails are priced from $26, and the best-selling food offerings are Kimchi Bacon Fries, Fried Chicken and Wagyu Beef Ram-don, all priced at $24 a serving. Mr Leong Sheen Jet, 32, one of the partners, also heads The Proper Concepts Collective, which has shuttered Goho, its kaiseki restaurant; and Ms Maria & Mr Singh, its restaurant with Bangkok-based chef Gaggan Anand. He says that Rappu, the group's handroll and hip-hop restaurant in Duxton, is going strong. It is now spread out over two floors, having taken over the space vacated by Goho. He says of Bae's and Rappu: 'Both are high-energy concepts and offer truly differentiated experiences not found anywhere else in Singapore.' Baia, which opened in October 2024 on the rooftop of Esplanade Mall, offers that kind of experiential outing people are looking for. The 130-seat venue, which cost $3 million to set up, is part of the il Lido Group. Baia opened in October 2024 at the rooftop of the Esplanade Mall. PHOTO: BAIA Founder Beppe de Vito, 51, wanted to recreate the 'Las Vegas of the Roman Empire', which was what Baia, an Italian city about 30km from Naples, once was. He says: 'It's great for tourists, and the opening of the Registry of Marriages just one floor down makes it an attractive go-to for celebration meals and drinks.' Chef Rishi Naleendra, 39, of two-Michelin-starred Cloudstreet in Amoy Street, also runs Sri Lankan restaurant Kotuwa at New Bahru and sister restaurant Station By Kotuwa in Boon Tat Street. The interior of Station By Kotuwa in Boon Tat Street. PHOTO: STATION BY KOTUWA He used to run Fool Wine at the Boon Tat Street space before turning it into Station in March 2025 . 'Kotuwa has been amazing,' says the chef of the restaurant, which serves the vibrant food of his heritage, together with cocktails built around Sri Lankan and other spirits. Diners can also order a $68 a person snack-to-dessert feast featuring the restaurant's greatest hits. 'We wanted to see if that success could translate, and we built a CBD version of Kotuwa, and that has been doing really well for us.' He says his fine-dining restaurant Cloudstreet has had its ups and downs. 'Having a diverse portfolio of restaurants helps. It allows us to balance out the slow months with the stronger ones.' Mr Russell Yu, 39, runs casual Japanese chain Nozomi, with outlets at Millennia Walk and Star Vista; and The Horse's Mouth gastrobar at Millenia Walk. He says business at Nozomi has improved since a tough spell from December 2024 to February 2025. 'The stronger performance likely comes down to price point and value. With an average spend of $38 to $43 a diner, and a focus on quality ingredients, we may take a hit on margins, but we continue to offer strong value to guests , and that's resonating with them . 'Restaurants that offer strong value are generally holding steady, but those with an average spend at or above $60 a head are facing greater challenges. The recent closures of several relatively high-profile establishments have been surprising. But for many of us operators, the situation has been, and remains, precarious.' It might become even more precarious when the Rapid Transit System (RTS) linking Johor Bahru (JB) and Singapore starts operating in end-2026. People will be able to travel from Woodlands North MRT station to JB's Bukit Chagar station in five minutes. Jewel Coffee's Mr Khong says: 'I would imagine the bulk of JB visitors now are car owners. But with the RTS, non-car owners will not hesitate to go to JB. If I were a Woodlands resident, between a five-minute ride to JB and a 30-minute MRT ride to Orchard, it's a no-brainer. Johor will win hands down in terms of cost savings on food, groceries and other shopping .' Hope springs eternal Where some see more strife for the F&B scene, others see opportunity. Mr Geoffrey Tai, 51, manager of Temasek Polytechnic's School of Business, says: 'With the RTS enhancing connectivity, we may see more joint ventures, supply partnerships or pop-up concepts between Singapore and JB operators.' He says the goal is not to compete directly, but for entrepreneurs to 'complement and co-create opportunities across both sides'. 'While many Singaporeans will continue visiting JB for affordable food and services, not everyone will make that leap regularly,' he adds. 'Food safety regulations, convenience and strong brand loyalty remain key reasons many still choose to dine locally.' There are other reasons to be hopeful, say some. Il Lido's Mr de Vito says: 'It's definitely not doom and gloom. It's a time of recalibration. The scene is evolving, and that always brings some level of discomfort, but also opportunity. We have to adapt and thrive.' Mr Christopher Millar, 57, senior director of international business development for 1-Group, which runs some 30 restaurants, cafes and bars – including Italian restaurant Monti , with views of Marina Bay, and rooftop bar 1-Arden , at CapitaSpring in the CBD – says: 'We remain optimistically cautious for the rest of 2025 . The upcoming Formula One Grand Prix season, major concerts and events are certainly positive drivers for tourism, which directly benefits our F&B sector. 'We anticipate a rebound in domestic spending in the latter half of the year , especially with SG60 this year and festive periods like the year-end holidays. Our focus will be on delivering exceptional value and experiences to both local and international diners, adapting our offerings to evolving preferences.' Despite the never-ending struggles with rent, manpower and cost of ingredients, some are opening new restaurants. Mr Vadim Korob, 34, managing director of Altro Zafferano, an Italian restaurant at Ocean Financial Centre, says there are plans to expand the portfolio, which now includes Griglia Open Fire Italian Kitchen in Craig Road. He will soon open a steakhouse in Amoy Street, and intends to add two more restaurants down the road. He says sales have increased for the existing restaurants. Altro Zafferano pivoted to more casual dining, with flexible menus that include sharing dishes. 'We are hopeful for 2026,' he says. 'With the upcoming steakhouse launch and plans for two additional concepts in the pipeline, we are looking forward to a strong year ahead.' Chef Joel Ong, 37, who runs Enjoy Eating House & Bar in Stevens Road and The Canteen by Enjoy in Jalan Besar, recently opened Heartland by Enjoy in Tampines, a n all-day cafe serving nasi lemak (priced from $12.90) and zi char dishes. It opens at 10.30am on weekdays and 9.30am on weekends, and closes every day at 2am. With most dishes priced under $20, the average spend a person is about half that of his other restaurants. He says: 'We want to maximise our earning potential, even if it means sacrificing our own time.' Nasi Lemak with beef rendang at Heartland by Enjoy. PHOTO: HEARTLAND BY ENJOY Neither Enjoy nor Canteen are doing well day to day, he says, adding that salaries make up the bulk of costs. He says: 'We chose to open a new restaurant without hiring many staff, and we pull everyone together to work harder, in the hopes of increasing revenue. 'It seems counter-intuitive when we say we have opened another restaurant in order to survive, but it is true.' Heartland by Enjoy in Tampines is an all-day cafe serving nasi lemak and zi char dishes. PHOTO: HEARTLAND BY ENJOY Tan Hsueh Yun is senior food correspondent at The Straits Times. She covers all aspects of the food and beverage scene in Singapore. Check out ST's Food Guide for the latest foodie recommendations in Singapore.
Business Times
a day ago
- Business Times
Hong Kong's sixfold jump in share sales drives boom year in Asia
[HONG KONG] Hong Kong's having a banner year as it marches towards becoming the second-largest market globally for share sales for the first time since 2012. Proceeds from listings and additional share sales in the Asian financial hub in the first half have reached about US$33 billion, poised for a sixfold jump from a year ago, according to data compiled by Bloomberg. Offerings from electric carmakers BYD and Xiaomi raised the most, followed by Contemporary Amperex Technology Co (CATL), which had the world's biggest new listing this year. Investors have brushed aside tariffs and geopolitical concerns as deals flooded in Hong Kong – including three of the four biggest stock offerings in the world in 2025. Equity strategists remain upbeat about local stocks after the Hang Seng became one of the world's best-performing indexes this year. And with the throng of companies lining up with billion-dollar offerings, it's shaping up to be a good year for investment bankers in the city. 'We're seeing a lot more comfort from global investors around the global and regional macro picture, which is leading them to reassess and increase their exposure to the region including to Hong Kong and mainland China,' said Sunil Dhupelia, co-head of Asia Pacific ECM at JPMorgan Chase. 'Assuming that markets remain stable, it's likely to be very busy in the second half of the year.' Chinese companies that already have shares trading in Shenzhen or Shanghai have been flocking to Hong Kong for additional listings. Those so-called A-H deals accounted for about three-quarters of Hong Kong's total proceeds of US$13.4 billion from first-time share sales in 2025, according to data compiled by Bloomberg. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The biggest one was the US$5.2 billion offering by battery-giant CATL, which forged ahead with its Hong Kong listing in May despite being caught up in US-China tensions. The high-profile deal's success shows industry leaders are still able to find global buyers even in an unfavorable environment. Hong Kong listing proceeds are poised to double to a four-year high of more than US$22 billion, according to Bloomberg Intelligence. Big deals to look forward to later this year include those of electric carmaker Seres Group, heavy-machinery maker Sany Heavy Industry and pig breeder Muyuan Foods. Hong Kong Exchanges & Clearing, which is celebrating its 25th anniversary, is so fired up about the surge in business that it's parading the iconic gong used to introduce new listings in an unprecedented two-week public tour via a 'gongmobile'. Hong Kong is leading share sales overall in all of Asia-Pacific, where first-half proceeds have climbed almost 30 per cent to about US$100 billion in 2025, according to data compiled by Bloomberg. In India, which led the region in share sales last year, total proceeds stand at about US$20 billion, on track for a drop of more than 20 per cent in the first half, after a stock-market rout led to a slow start. Despite underperforming regional peers, the benchmark Nifty 50 Index has rallied as of late and is on track to post its best quarterly gain in more than a year. That optimism is spilling over to deals, with HDB Financial Services' US$1.5 billion initial public offering (IPO), and Tata Capital's soon-to-come US$2 billion IPO. Elsewhere, the US$4 billion chunk of Japan Post Bank Co sold by its parent and JX Advanced Metals' IPO helped share sale proceeds in Japan rise to US$13.7 billion, on course for a 30 per cent increase, though the pace of deals slowed during the second quarter, according to data compiled by Bloomberg. In South Korea, the recent presidential election ended of months of leadership vacuum, revitalising the Kospi and making it one of the region's best-performing indexes. That's encouraging more companies to pursue listings, such as Baby Shark-creator Pinkfong, the company behind the most watched YouTube video of all time. While geopolitical tensions are bound to continue to complicate decisions for corporate issuers and investors for months to come, Asia is on track to cap a great year of deals. 'We don't expect issuance activity to be slowing,' said Rob Chan, head of Asia ECM syndicate at Citigroup. 'In fact, despite all the uncertainties driven by tariffs and geopolitical tensions in recent months, issuance activity has been very strong.' Going forward, expect to see deals in Hong Kong from companies that mainly rely on Chinese domestic consumption because they are best shielded from tariff effects and geopolitics, according to Christine Xu, the partner in charge of Chinese ECM transactions at the Linklaters law firm. 'Enough water has gone under the bridge around the tariffs, and the market has taken that in its stride,' said JPMorgan's Dhupelia. 'Looking at the rest of the year, the ongoing complex global geopolitical situation is the clear risk that could change the direction of markets.' BLOOMBERG
